Director Trades: Who’s buying and who’s selling their own stock?
The founder of telco Over the Wire sold out this week.
Brent Paddon sold $4.6m worth of stock, reducing his shareholding in the company from 30 per cent to just over 24 per cent.
Shares in the cloud computing provider (ASX:OTW) are at all-time highs, following a one-day 21 per cent jump in August after they produced a stellar set of financial results.
The share price has just kept moving upwards and Mr Paddon sold at $4.60 — just under the Friday closing price of $4.90.
>> Scroll down to find out who the movers and shakers were last week.
The youthful Dongfang Modern Agriculture (ASX:DFM) chairman, Hongwei Cai, has bought in again, making this his 10th (massive) purchase in the company this year.
This week he sank $3.8m into the China-focused citrus grower.
Mr Cai, who is in his early 30s, owns 65 per cent of the company.
Mining identity Klaus Eckoff has just secured 80m performance rights from Lachlan Star (ASX:LSA).
The four tranches of rights will be converted to shares if the share price reaches benchmarks between 2.5c and 6.5c.
The stock is currently sitting at 1c.
Spitfire Material’s (ASX:SPI) Neil Biddle is slowly creeping up to the 20m share mark, a point he told Stockhead early in 2018 he wanted to reach.
“I always wanted to have about 20 million shares… because my associates in the company have around that number… and I want to be supportive of the company.”
It’s been slow going though — he’s still only at 18.8m shares.
Tamawood founder Lev Mizikovsky bought in twice last week, although one was sub-$100,000.
In total, he spent $404,000 on his Brisbane-based building company.
Gas2grid (ASX:GGX) director Patrick Sam Yue took out a $195,000 loan from the company in 2013 to buy shares in it.
But this week, the company took back all 6.5m of those shares because he wasn’t able to repay the loan by its deadline.
Unfortunately too, the stock in 2013 was worth between 3c and 4c. Since then Gas2grid hasn’t done too well, with its shares on a long downhill trajectory to the 0.5c it ended up at on Friday.
Jonathan Stretch’s charitable trust was selling out of ERM Power (ASX:EPW) for the second week in a row.
It says it’s selling for “governance management of concentration risk for investment portfolio”.